US GDP Rises 3.6 Percent in Q3

The US economy grew at an annual pace of 3.6% in the third quarter of the year, up from an initial estimate of 2.8%, revised figures have shown.

The growth rate was the fastest since the first quarter of 2012.

The third-quarter performance was an improvement on the 2.5% pace seen in the previous three months.

But the upward revision was mainly driven by a big jump in businesses restocking their inventories, the Commerce Department said.

The annualised growth figure was equivalent to a quarter-on-quarter increase of 0.9%, revised up from 0.7%.

The pace of growth in consumer spending – which accounts for about two-thirds of US economic activity – slowed from the previous quarter.

Consumer spending grew at a revised annual pace of 1.4%, down from 1.8% in the April-to-June period and the slowest rate since late 2009.

The inventory build-up consists of products that have been produced but yet sold, such as cars.

via BBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.